Tenancy Deposit Scheme (TDS) has updated their popular Tenant Fees Matrix, which simplifies the most important points in the Tenant Fees Act 2019 in England and the Renting Homes (Fees Etc.) (Wales) Act 2019 in Wales.
The leading not-for-profit tenancy deposit protection provider introduced the matrix in 2019 following confusion amongst landlords and letting agents operating in both England and Wales. The easy-to-understand matrix highlights the differences between the two Acts in a simple, visual comparison table.
The latest update of the TDS Tenant Fees Matrix includes the most recent stages of the Welsh tenant fees legislation roll-out. It features the 28th February 2020 holding deposit update under the Renting Homes (Fees Etc.) (Wales) Act 2019 and the latest Renting Homes (Fees etc.) (Prescribed Limits of Default Payments) (Wales) Regulations 2020, which came into force in Wales on 28th April 2020.
This most recent roll-out in Wales refers to charges for keys (or security devices), locks and prescribed limits for failure to pay rent.
From the 28th April 2020, landlords and letting agents in Wales will only be able to charge for the replacement of keys and for the changing, adding or removing of a lock, which will need to be supported with a receipt or invoice as evidence of the cost.
Landlords are still permitted to charge interest for late rent but only after seven days, which differs to England where charges can only be made after 14 days.
“These differences between the two Acts highlights the need for the Tenant Fees Matrix. It provides a useful and easy-to-reference tool for landlords and letting agents who operate across the borders of England and Wales, and it helps them to remain compliant with both pieces of legislation,” explained Debbie Davies, Head of Sales and Marketing at TDS.
The Tenant Fees Matrix can be downloaded for free on the TDS website: TDS Tenant Fees Matrix.
About TDS
Tenancy Deposit Scheme (TDS) is a Government-approved scheme for the protection of tenancy deposits; TDS offers both Insured and Custodial protection and provides fair adjudication for disputes that arise over the tenancy deposits that we protect.
TDS Custodial Scheme: where TDS hold the deposit for the duration of the tenancy. Join TDS Custodial for FREE today
TDS Insured Scheme: where a TDS member can hold the tenancy deposits as stakeholder during the term of the tenancy. Join TDS Insured today.
We provide invaluable training in tenancy deposit protection and disputes for agents and landlords through the TDS Academy as well as joining with MOL to provide the Technical Award in Residential Tenancy Deposits.
TDS Academy: TDS provides property professionals with invaluable training in tenancy deposit protection and tenancy deposit disputes. Click here to see upcoming TDS Academy’s.
TDS can only comment on the process for our scheme, other deposit protection schemes may have a different process/require different steps. Content is correct at the time of writing.
These views are those of the author alone and do not necessarily reflect the view of TDS, its officers and employees.
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